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Center for Financial Studies (CFS), Universität Frankfurt a. M. >
CFS Working Paper Series, Universität Frankfurt a. M. >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/57350
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| Title: | | Dividend policy, corporate control and tax clienteles: The case of Germany  |
| Authors: | | Andres, Christian Betzer, André Goergen, Marc |
| Issue Date: | | 2011 |
| Series/Report no.: | | CFS Working Paper 2011/16 |
| Abstract: | | This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the dividend preference of the large shareholder has an impact on the dividend decision. |
| Subjects: | | Dividend Policy Payout Policy Lintner Dividend Model Tax Clientele Effects Corporate Governance |
| JEL: | | G32 G35 |
| Persistent Identifier of the first edition: | | urn:nbn:de:hebis:30-115328 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CFS Working Paper Series, Universität Frankfurt a. M.
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